Maruti Suzuki Announces Price Hike From Today Amid Rising Input Costs » - IPS BUSINESS SCHOOL

Maruti Suzuki Announces Price Hike From Today Amid Rising Input Costs

Maruti Suzuki Announces Price Hike From Today Amid Rising Input Costs

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Maruti Suzuki India, the country's top-selling carmaker, announced a hike in prices "across models owing to increase in various input costs" starting today.

New Delhi:  Maruti Suzuki India, the country's top-selling carmaker, announced a hike in prices "across models owing to increase in various input costs" starting today. In a notification to the exchanges released on Monday, Maruti said, "The weighted average increase across models is 1.3 per cent - Ex-Showroom Prices (Delhi). These new prices will come into effect from April 18, 2022."

In an advance intimation, the automaker had informed the bourses regarding the price hike in April.

"Over the past year, the cost of company's vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike," Maruti had stated on April 6.

Shares of the carmaker edged 0.02 per cent lower after the price hike announcement.

Meanwhile, passenger vehicle exports from India increased 43 per cent in FY22 (2021-22), with Maruti leading the segment with dispatches of over 2.3 lakh units, as per the latest data by industry body Society of Indian Automobile Manufacturers (SIAM).

The total passenger vehicle (PV) exports stood at 5,77,875 units in 2021-22 fiscal, as compared to 4,04,397 units in 2020-21.

Passenger car shipments saw 42 per cent growth at 3,74,986 units, while utility vehicle exports rose 46 per cent at 2,01,036 units during the last fiscal, the data by SIAM showed.

Maruti led the vertical last fiscal, followed by Hyundai Motor India and Kia India at second and third positions, respectively.

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